IDM Mining closes $9 million private placement of units

October 4, 2016

On October 4, 2016, IDM Mining Ltd. (TSXV: IDM) announced that it had closed its previously announced private placement co-led by Paradigm Capital Inc. and Medalist Capital Ltd., and including Haywood Securities Inc. and Red Cloud Klondike Strike Inc. for $8,994,707, a figure which includes the exercise by the agents of their option to sell an additional 20% of the offering.

IDM Mining issued 37,982,589 units at $0.17 each for gross proceeds of $6,457,040 and 12,084,129 flow-through shares at $0.21 each for gross proceeds of $2,537,667. Each unit is comprised of one common share of the company and one half of one common share purchase warrant, each whole warrant entitling the holder thereof to acquire one common share of the company at a price of $0.25 for a period of 24 months from the date of closing of the offering.

IDM Mining is mineral exploration and development company based in Vancouver, British Columbia. The company’s current exploration and development activities are focused on precious metals in British Columbia and Yukon, with a primary focus on the high grade underground Red Mountain project, which has entered the BC and Canadian environmental assessment process.

Miller Thomson was counsel to the agents in this transaction with a team that included Kevin Sorochan and Erika Lai.